Following this announcement, tell.money is expected to represent the strategic Software-as-a-Service (SaaS) partner of Freemarket, as well as its provider of optimised and secure Confirmation of Payee (CoP) Agreggator services and tools.
In addition, both financial institutions will continue to focus on meeting the needs, preferences, and demands of clients and customers in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the local industry.
Freemarket represents a company that works with businesses in order to accelerate their growth by providing access to cross-border payments and currency exchange opportunities for an improved experience. tell.money is an open ecosystem platform that offers a suite of services which includes Dedicated Interface APIs, Confirmation of Payee, and advanced Test & Monitoring systems.
With the deadline for Group 2 Payment Service Providers (PSPs) to adhere to CoP regulations set for October 2024, there is an urgency for compliance solutions that is currently rapidly escalating. Throughout this partnership, tell.money will continue to provide its SaaS services, the Confirmation of Payee (CoP) as a solution, and Open Banking compliance tools in order to cater to the needs of fintechs, Electronic Money Institutions (EMIs), and banks in the regions of the UK and the EU.
The Confirmation of Payee (CoP) represents an important tool in the fight against the rise of APP (Authorised Pushed Payment) fraud, which takes place by verifying payee details before processing transactions. tell.money’s CoP service is entitled tell.confirm, and it was developed in order to equip PSPs with a fully managed SaaS offering that encompasses implementation, accreditation, testing, and monitoring, as well as ongoing support and reporting to ensure safe and efficient compliance.
Both Freemarket and tell.money will continue to focus on protecting businesses and clients from the risk of fraud and misdirected payments, as well as providing them with the needed services for an improved experience.
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